Andrew Sherman, an analyst from TD Cowen, maintained the Buy rating on JFrog. The associated price target was raised to $58.00.
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Andrew Sherman has given his Buy rating due to a combination of factors, including JFrog’s robust cloud growth and strong execution. The company has demonstrated impressive performance in its cloud segment, with a significant increase in customer conversions to higher annual deals and the introduction of new security products. This growth is expected to continue, driven by AI-related tailwinds and conservative guidance that suggests potential upside.
Furthermore, JFrog’s strategic partnerships, particularly with GitHub, and the increased adoption of their advanced security offerings, position the company well for future success. The valuation remains attractive, trading at a multiple that suggests room for growth, and the company’s strong performance in recent quarters supports this optimistic outlook. As a result, Sherman believes that adding to positions in JFrog is a prudent investment decision.
Sherman covers the Technology sector, focusing on stocks such as JFrog, Elastic, and Dynatrace. According to TipRanks, Sherman has an average return of 11.4% and a 63.77% success rate on recommended stocks.
In another report released on October 14, Bank of America Securities also reiterated a Buy rating on the stock with a $62.00 price target.